Broken Arrow Economic Development Authority
Meeting of: 08-01-2017
To: Chairman and Authority Members
From: Office of the City Attorney
Title:
title
Consideration, discussion, and possible approval of Resolution No. 1040, a Resolution of the Broken Arrow Economic Development Authority approving and authorizing execution of a certain Economic Development Agreement by and among the Broken Arrow Economic Development Authority, the City of Broken Arrow, Oklahoma, and Milestone Capital, L.L.C.; designating representatives of the Broken Arrow Economic Development Authority for purposes of granting certain approvals and executing certain instruments as required under and in connection with said Agreement; and containing other provisions relating thereto
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Background:
On February 12, 2016, the City purchased 1.864 acres located at 305 North Main Street in the amount of $600,000.00, plus attorney's fees and related costs. Due to the dilapidated condition of the structures and appurtenances located on the property, the City entered into a construction contract with ARK Wrecking Company of Oklahoma, Inc. for demolition in the amount of
$87,140.00, said demolition being completed in 2016. It was initially contemplated that the City would either use the property for its own purposes or declare it surplus and transfer it to the Broken Arrow Economic Development Authority (the "Authority") for sale in the amount of the City's investment (approximately $701,151.40), and as part of a comprehensive economic development activity. In order to assist the City Council and the Trustees of the Authority with evaluation of all potential options, the Broken Arrow Economic Development Corporation ("BAEDC") issued two (2) different Requests for Proposals (RFP's) for development of the property. Responses to the first RFP were received and evaluated in 2016. After due consideration, investors negotiating with ...
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